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Friday, 08 April 2011 (3013948)
County Council set to recover Iceland cash
by David Simister

NEARLY £9million of Lancashire County Council money which was being held in Iceland's banks when the nation's economy crashed could be winging its way back to Britain after a court ruling.

This is despite Iceland rejecting the latest repayment plan in a referendum at the weekend - the second time the country has rejected a deal - it is understood that assets from the collapsed bank Landsbanki would “in all likelihood” cover what was owed.

The Icelandic District Court has found in favour of councils - including Lancashire County Council - and ruled that deposits placed by UK wholesale depositors have priority status in the winding up of the two Icelandic banks, Landsbanki and Glitnir.

Lancashire County Council had £6.4m with one of Iceland's banks Landsbanki, as well as £2.4m from the Lancashire Pensions Fund, when the nation's banking system crashed in 2008.

County treasurer Gill Kilpatrick said: “Obviously we are very pleased at the outcome. Based on the current statement of assets and liabilities of Landsbanki, we anticipate that we will recover between 85% and 90% of the value of our claim.

”This final figure is still subject to confirmation. We are unlikely to find out until some time in the summer. An appeal to the Supreme Court is also a real possibility given the amounts at stake.

“We will continue our hard work to recover as much of Lancashire's money as we can.”

A ruling by the Icelandic supreme court, which could determine the exact amount recovered by the county council, is expected later this year.


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